Banks Run Roughshod over Widows in Foreclosure [Video]

 

Banks are foreclosing on the homes of widows. Financial institutions are refusing to modify mortgages when husbands have died without listing their surviving wives on the notes.

Lawyers.com journalist Ed Alpern shows you how banks have gotten away with these practices and how you can fight losing your home to foreclosure.

Director of Foreclosure Prevention Litigation at Legal Services NYC Jacob Inwald emphasizes banks are under a legal obligation to attempt to avoid foreclosures and to promote loan modifications. But he explains it is often an uphill challenge to get them to do this.

Ed reports on a case where the court-appointed hearing officer found Well Fargo “ran roughshod” over a widow’s rights and that the bank “violated the spirit of the federal law enacted to protect widows.”

He provides the bank’s response to Lawyers.com, when asked about this case. He also shows you how Wells Fargo has not been the only financial institution accused of abuses in the foreclosure crisis.

widow foreclosure

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Jacob advises people threatened with foreclosure get legal representation early in the process to preserve their defenses. He provides the following tips for people who cannot afford a lawyer:

  • Seek housing counseling.
  • Look for courthouse clinics.
  • Avoid loan modification scams, which ask for money upfront.

You do not have to simply accept what a mortgage servicer tells you. 

For more information on protecting your home against foreclosure, watch the video report and review the legal resources on Lawyers.com.

 

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